Terms and Questions from Ch. 5 of Michigan RE Test Book
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| Agency | Relationship between agent or broker and principal
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| Agent | Salesperson hired on another's(principal) behalf
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| Principal | Buyer/Seller who hires an agent to act on their behalf
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| Subagent | Assists in accomplishing purpose of an agency
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| What is the difference between a client and a customer? | Client has a written agreement, customer does not.
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| What does fiduciary mean? | One who holds a position of trust.
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| What are the 3 classifications of agents? | 1. Universal(handles all affairs)Power of attorney 2. General(handles all affairs of a certain matter) Property manager 3. Special (narrow authorization) most RE agencies
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| Express Agency | Agency by oral or written agreement
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| Implied Agency | Agency by words or actions that indicate an agreement.
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| Accidental Agency | Buyer is led to believe by an agent they are being represented.
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| Agency by Estoppel | a false claim is made that someone is their agent and a third party relies on this information. The person who made claim is "estopped" from later claiming otherwise and is responsible.
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| Seller Agency and Listing Contract | Allows broker to market seller's real property for a period of time. Employment contract between seller and listing broker.
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| Buyer Agency and Buyer Agency Agreement | Allows agent/broker to represent a buyer in the purchase of real property. Sets terms and conditions for broker and purchaser relationship.
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| Dual Agency | When a Real estate firm represents both buyer and seller in same transaction.
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| Designated Agency | Client has an agency relationship with only certain persons listed in a contract.
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| Transaction Coordinator | a licensee who is involved in a transaction but does not have an agency relationship with buyer/seller
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| What is the importance of the Michigan Uniform State Antitrust Act? | Mirrors Sherman Anti-Trust Act(federal) protects fairness in Real Estate transactions. Price fixing, boycotts, territorial limitations, tying agreements
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| What are the 6 agent duties in an agency relationship? | Obedience, Loyalty, Diligence, Care, Accounting, Reasonable Skill.
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| Disclosure of Information | Communication of any information pertaining to a transaction in which an agency was created.
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| Negligent Misrepresentation | Purposefully hiding or omitting information
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| Innocent Misrepresentation | Mistakenly/Unknowingly provide bad information.
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| Latent defect | Structural defect able to be discovered by ordinary inspection. Seller has a duty to disclose any information.
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| Patent defect | Unknown defects only discovered upon inspection. No duty to disclose.
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| Seller's disclosure statement | Comprehensive checklist of condition of property provided by seller.
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| Michigan's Seller Disclosure Act | Requires a Seller's disclosure statement.
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| Multiple Listing Service(MLS) | Facilitates orderly dissemination of listing information for better service.
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